Super Group (sghc) Limited · NYSE:SGHC
Super Group (sghc) — Q3 2026 Earnings Presentation
36 slides from Super Group (sghc)'s earnings presentation, Nov 3, 2026
Slide 1: 3Q 2026 Earnings Review
3Q 2026 Earnings Review November 3, 2026
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements Certain statements made in this presentation are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited
Slide 3: Agenda
01 Business Update 02 Financial Highlights 03 Guidance 04 Appendix
Slide 4: Business Update
Slide 5: Current Business Highlights
CURRENT BUSINESS HIGHLIGHTS Diversified, disciplined and growing profitably Total Revenue of $611 million (+10% YoY; +12% YoY Ex-U.S.); Adjusted 01 EBITDA of $165 million (+8% YoY; margin of 27%) International Adjusted EBITDA +24%, margin +414 bps despite higher U.K. 02 gaming taxes. Africa Adjusted
Slide 6: 3Q-26 Key Financials
3Q-26 KEY FINANCIALS1,2,3,4,5 Steady top-line growth and a strengthening balance sheet $611m $165m 26.9% 6.0m $602m Adjusted EBITDA2,3 Adjusted EBITDA2 Average Unique Monthly Cash and Cash Equivalents Total Revenue1,3 Margin Active Customers5 (As of September 30, 2026) +10% YoY +8% YoY -43 bps YoY +
Slide 7: 3Q-26 Segmental Breakdown: Key Financials
3Q-26 SEGMENTAL BREAKDOWN: KEY FINANCIALS1,2,3,4 Diversified mix: Strong revenue gains led by Africa; EBITDA expansion across segments +17% +23% +5% +24% YoY YoY YoY YoY $262m $88m $344m $93m Total Revenue1,3 Adjusted EBITDA2,3 Total Revenue1,3 Adjusted EBITDA2,3 (+9% YoY Ex-U.S.) Africa Internation
Slide 8: Africa: Eight Markets, One Expanding Footprint
AFRICA: EIGHT MARKETS, ONE EXPANDING FOOTPRINT Driving the next phase of growth across Africa Global Total Addressable $546 billion1 Market: (9% CAGR2) Where we operate: 1. Botswana 2. Ghana Africa Total 3. Malawi Addressable $23 billion1 4. Mozambique 5 Market: (13% CAGR2) 5. Nigeria 2 ETHIOPIA 6.
Slide 9: Continued Strong Growth in Total Monthly Active Customers
CONTINUED STRONG GROWTH IN TOTAL MONTHLY ACTIVE CUSTOMERS1 Steady year-on-year growth, built on a profitable, loyal customer base 6.4m 6.1m 6.2m 6.0m 5.5m 5.5m 5.3m 5.4m 4.7m 4.7m 4.7m 4.5m 4.0m ~9% 3.7m 3.5m 3.4m 2.7m YoY INCREASE 2.6m 2.6m 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2
Slide 10: Seasonality Is Part of the Game
SEASONALITY IS PART OF THE GAME1,2,3 Monthly Average Customers follow typical summer seasonality, rebounding as European football returns 6.2m 5.8m 2.9m 3.4m 1/22 6/22 11/22 4/23 9/23 2/24 7/24 12/24 5/25 10/25 3/26 8/26 July - Sept. (Summer) Monthly Active Customers 12MMA 24MMA 10 1 MMA: Month Movi
Slide 11: Net Revenue by Geography: Continued Global Diversification
NET REVENUE BY GEOGRAPHY: CONTINUED GLOBAL DIVERSIFICATION1,2 Africa leadership and International scale driving revenue growth Key Highlights: 3Q 2025 3Q 2026 • Africa ◦ Parlay mix bolstering sports margins ◦ Continued focus on localized product offerings ◦ Robust growth in Nigeria as expansion stra
Slide 12: Net Revenue by Segment and Product
NET REVENUE BY SEGMENT AND PRODUCT1: CONTINUED CASINO STRENGTH AND GROWING AFRICA CONTRIBUTION 3Q 2025 3Q 2026 3Q 2025 3Q 2026 84% 85% 59% 57% 43% 41% 16% 15% Africa International Sports Casino 12 1 Net Revenue after VAT & GST
Slide 13: Net Revenue by Segment
NET REVENUE BY SEGMENT1: GROUP REVENUE MOMENTUM UNDERPINNED BY STRONG GROWTH IN AFRICA 56% 54% 57% 58% 60% 59% 58% 63% 63% 62% 61% 67% 70% 71% 74% % Net Revenue 77% 78% 80% 81% 44% 46% 43% 42% 39% 40% 41% 42% 37% 37% 38% 33% 30% 29% 26% 23% 22% 20% 19% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Slide 14: Net Revenue by Product
NET REVENUE BY PRODUCT1: CASINO REMAINS THE RELIABLE ENGINE OF SUPER GROUP 68% 68% 70% 73% % Net Revenue 75% 74% 80% 79% 78% 79% 80% 78% 81% 83% 83% 84% 83% 81% 85% 32% 32% 30% 27% 25% 26% 20% 21% 22% 21% 20% 22% 19% 17% 17% 16% 17% 19% 15% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 20
Slide 15: Casino Wagers Remain Strong
CASINO WAGERS REMAIN STRONG1,2 Another record quarter of casino wagers, underscoring the strength of our diversified business model 8% $15,000 $12,500 6% $10,000 Millions (USD) Casino Gross Revenue +16% YoY (+19% YoY Ex-U.S.) Margin $7,500 Total Casino Wagers +11% 4% YoY (+14% YoY Ex-U.S.) Gross Mar
Slide 16: Sportsbook Wagers and Revenue Remain Strong
SPORTSBOOK WAGERS AND REVENUE REMAIN STRONG1,2,3 Q3 sports results: ~$40m revenue and ~$25m EBITDA impact; structural margin within expected range at 13.8% YTD $1,200 18% $1,000 15% $800 Millions (USD) 13% Sports Gross Revenue -2% Margin YoY $600 Total Sports Wagers +4% YoY 10% $400 Gross Margin: 12
Slide 17: The Rhythm of the Game: Monthly Sports Gross Margin
THE RHYTHM OF THE GAME: MONTHLY SPORTS GROSS MARGIN1,2 Continued trading efficiencies and diversification driving continued margin uplift 19.3% 18.8% 20% 17.9% 17.7% 18.5% 15% 11.9% 13.7% 10% 11.6% 12.1% 7.3% 8.5% 5% 7.1% 3.9% —% -5% (4.4)% 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 1/25 4/25 7/25 10
Slide 18: ZARsc Update
ZARsc UPDATE Foundations Established. Payments and Reach Next... PHASE 1: Foundations · Complete PHASE 2: Payments Expansion & Balance Retention 2Q26 3Q26 4Q26 1Q27 On/off-ramps Remittance Public launch Consumer Exchange Instant bank transfers Send money abroad Wallet opens to everyone Wallet Soft L
Slide 19: Financial Highlights
Slide 20: Total Revenue
TOTAL REVENUE1,2,3,4 Revenue +10% year-over-year (+12% year-over-year Ex-U.S.), with sustained momentum heading into 4Q Revenue Highlights: $2,231m Africa $1,907m • Revenue +17% $1,835m $578m • Wagers: Casino +21%; Sports +6% $1,556m • Broad-based growth across key markets: South Africa +12%, $534m
Slide 21: Adjusted EBITDA
ADJUSTED EBITDA1,2,3,4 Cost optimization initiatives driving Adjusted EBITDA growth of +8% YoY and margin of 27% Direct Expenses3 increased 11% to $231m: $560m • Increased taxes in the U.K. $521m • Moderately offset by lower processing cost, banking fees and royalties post-sportsbook consolidation $
Slide 22: 3Q-26 Group Financial KPIs
3Q-26 GROUP FINANCIAL KPIs1,2 Net Revenue 19% 16% 38% 15% Sports Betting Marketing costs as a % of Total Revenue G&A Expenses as a % of Total Revenue Direct Expenses as a % of Total Revenue 85% Online Casino 27% Adjusted EBITDA as a % of Total Revenue2 22 1 Total Revenue includes Net Revenue (Net Re
Slide 23: Marketing Costs as a % of Total Revenue
MARKETING COSTS AS A % OF TOTAL REVENUE1 Marketing as % of revenue naturally reduces as revenue from super-persistent long-duration cohorts increases FY-22 FY-23 FY-24 FY-25 9M-26 26.6% 25.5% 24.3% 22.8% 20.0% 28.7% 29.2% 28.9% 28.3% 28.0% 25.7% 25.5% 23.9% 23.4% 23.2% 23.4% 23.4% 22.9% 22.0% 21.8%
Slide 24: G&A Expenses as a % of Total Revenue
G&A EXPENSES AS A % OF TOTAL REVENUE1 Leverage from centralized operations and automation driving long-term efficiency gains FY-22 FY-23 FY-24 FY-25 9M-26 20.4% 22.6% 19.2% 14.7% 15.1% 23.9% 23.0% 22.3% 22.0% 21.4% 21.6% 20.8% 20.8% 20.1% 19.6% 18.2% 16.4% 16.3% 15.8% 15.1% 14.3% 14.6% 14.5% 13.9% 1
Slide 25: Direct Expenses as a % of Total Revenue
DIRECT EXPENSES AS A % OF TOTAL REVENUE1 Direct expense tightly managed, demonstrating platform leverage and supporting strong unit economics FY-22 FY-23 FY-24 FY-25 9M-26 36.6% 38.1% 37.0% 37.4% 37.8% 39.1% 39.1% 38.7% 38.5% 37.8% 37.5% 37.7% 37.5% 37.7% 37.8% 37.8% 37.3% 37.2% 36.6% 36.7% 36.6% 36
Slide 26: Adjusted EBITDA as a % of Total Revenue
ADJUSTED EBITDA AS A % OF TOTAL REVENUE1,2,3 Optimizing market mix to support margin expansion while continuing to grow FY-22 FY-23 FY-24 FY-25 9M-26 16.4% 13.9% 19.4% 25.1% 27.3% 29.8% 27.0% 27.3% 26.9% 24.8% 23.6% 24.0% 20.9% 21.6% 19.6% 19.9% 19.8% 16.8% 16.2% 14.7% 12.7% 12.2% 10.7% 9.5% 1Q 2Q 3
Slide 27: Free Cash Flow Generation
FREE CASH FLOW GENERATION1,2 High-quality earnings converting to cash: our asset-light model 70% FCF 74% 69% 72% 70% CONVERSION 2% 2% 2% 2% 2% CAPEX AS % REVENUE $394m $368m $124m $230m $228m $177m $157m $110m $69m $95m $245m $163m $119m $88m $82m 2022 2023 2024 2025 2026 H1 H2 3Q 27 1 2 Totals may
Slide 28: Guidance
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Slide 29: Revising 2026 Guidance: Drivers and Assumptions
REVISING 2026 GUIDANCE: DRIVERS AND ASSUMPTIONS Strong organic growth, marketing and OPEX efficiencies; reinvestment into high growth markets; U.K. taxes; Alberta post-regulation; sports margin within structural range PRIOR REVISED TOTAL REVENUE TOTAL REVENUE >$2.6 $2.525 - $2.575 billion billion AD
Slide 30: Appendix
Slide 31: Financial Results, Operating Basis (Group)
FINANCIAL RESULTS, OPERATING BASIS (Group)1,6 USD (Millions) 1Q-26 2Q-26 3Q-26 1Q-25 2Q-25 3Q-25 Net Revenue (Group) 604 676 605 511 570 550 Sports Betting 116 150 90 106 116 91 Online Casino 488 526 515 404 455 459 Other Revenue3 8 8 6 6 9 7 Total Revenue2 (Group) 612 684 611 517 579 557 Direct Exp
Slide 32: Financial Results, Operating Basis (Africa)
FINANCIAL RESULTS, OPERATING BASIS (Africa)1,6 USD (Millions) 1Q-26 2Q-26 3Q-26 1Q-25 2Q-25 3Q-25 Net Revenue (Africa) 267 310 262 201 228 223 Sports Betting 77 108 57 66 72 55 Online Casino 189 202 205 134 156 169 Other Revenue3 — — — — — — Total Revenue2 (Africa) 267 310 262 201 228 224 Direct Exp
Slide 33: Financial Results, Operating Basis (International)
FINANCIAL RESULTS, OPERATING BASIS (International)1,6,7 USD (Millions) 1Q-26 2Q-26 3Q-26 1Q-25 2Q-25 3Q-25 Net Revenue (International) 337 366 343 310 342 326 Sports Betting 38 42 33 40 44 36 Online Casino 299 325 310 270 299 290 Other Revenue3 2 2 1 1 2 2 Total Revenue2 (International) 339 368 344
Slide 34: Reconciliation to Financial Statements – Adjusted EBITDA
RECONCILIATION TO FINANCIAL STATEMENTS – ADJUSTED EBITDA USD (Millions) 3Q-26 Profit for the period 142 Income tax expense 37 Finance income (12) Finance expense 2 Depreciation and amortization expense 26 Unrealized foreign exchange (2) RSU expense 11 Impairment of assets 1 Provision for remote gami
Slide 35: Detailed Share Count
DETAILED SHARE COUNT1 Shares (Millions) Shares Issued and Outstanding 508.7 Unvested Restricted stock units granted to employees 6.9 Fully Diluted Shares 515.5 35 1 As of September 30, 2026
Slide 36: Contact Us
CONTACT US: investors@supergroup.com